Binance in Malta: Fiat-to-Crypto Option is a Possibility
Cryptovest
Published Mar 23, 2018 10:19AM ET
Updated Mar 23, 2018 10:31AM ET
Binance in Malta: Fiat-to-Crypto Option is a Possibility
The Hong Kong based exchange Binance, which also has offices in Tokyo, has the option of establishing itself in Malta and making use of liberal local laws to gain a bank partnership. This means that Binance will rival services like Kraken, BitPanda and LiteBit.eu, by having access to European banking.
The exchange officially announced its expansion plans:
“After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework. With plans to substantially grow its operations, there are plans to eventually hire up to 200 people to assist their expansion.”
This would make the exchange even more influential, as it would target the European market. At the moment, Binance is a crypto-only exchange, and has been loaded with the fixed-priced Tether digital asset. This has created some skepticism, but the addition of fiat trading may mean extra liquidity and potential new investors for Binance.
Malta has been attracting cryptocurrency investors and companies, and along with Gibraltar and the canton of Zug is quickly becoming one of the liveliest European hubs in the crypto space.
h2 Japanese Authorities Remain Skeptical of Exchanges/h2The recent letter from the Japanese Financial Services Agency mean Binance would have to face more hurdles in becoming compliant. The Japanese financial watchdog became especially critical of the crypto space after Coincheck saw its wallet hacked, losing more than $400 million worth of NEM (XEM) coins.
At this point, Binance has not crossed any lines in terms of KYC or AML laws. But the Japanese regulators wanted more transparency when it came to standards of security. Exchange wallets have been one of the most vulnerable spots in the crypto world, and there are no standards, leaving the handling of valuable funds to common sense.
So far, Binance has survived the months after the ICO without a hack, despite the ever-growing transaction volume. At one point, a This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.